Thrifty People: Well Off or Out of Necessity?

[QueenElinor]

Also I think there is a concept of "worth".

See for me since I tend to buy more "classic" styles that never go out of fashion I tend to spend a lot on my clothes. I hate kohls because imo every thime i buy some thing out of there it shrinks or fades within 2 washings.
I'd rather pay 150 dollars for a nice pair of well made lined black pants than a pair of 29.00 slacks from kohls that are thin, cheaply made (seams showing) etc. Now what's interesting for me is that, some things I'm thrifty about. Like jeans. Jeans and sneakers are really not worth much to me so I won't spend much on them.

Same thing with cable (or actually any thing). I use to have a full package but simply got tired of paying for lousy tv, so now I have the basic package to get internet service and I use redbox when I want to rent a movie.

Remember also we are on a board that is specifically for a luxury item. Disney. I know a lot of folks who think Disney is a huge, gigantic rip off. they are millionaires and wouldn't dream of dumping the money we spend at the mouse world. I also know folks who are squarely upper middle class that watch their pennies and are very thrifty during the year and when they go on vacation, it's first class all the way. so what category do they fall into?

There are just a lot of "factors" that go into how and what I spend money on.

I agree with this post 100%.
I'm as cheap as can be when it comes to things like phones & cable, but have been known to spend $1000 on an article of clothing that will last the rest of my life and that will fetch my daughter a few $100 on Ebay when I die.

But at this point, stuff just doesn't do it for me. I remember a time when I just would love the latest bag or a shiny new import car, but once you get those things, it's not such a big deal. They're just better versions of what I had all along. They don't make me happy. Family makes me happy- that's what the poor usually know instinctively, and the rich sometimes have to be taught- but sometimes never learn. I know lots and lots of people like that. Every day I thank God for blessing me with three healthy, happy kids even though I know how very, very expensive they are.

I'd like to leave my kids a legacy, and not necessarily just money, either. These family vacations are very important to me, I also spend thousands a year on airplane tickets just visiting family. My goal is to purchase a lakeside house- not for bragging rights, but for a family vacation home that will help keep the scattered siblings and cousins together.

There is one thing that the big downturn in 2008 taught me, and that is all money- the value of literally everything- is relative. And temporary. The only thing solid is one's relationships.

 

[jennyjinx3]

OMG! I LOVE this because it's me to a "T"! I'm frugal in many ways to pay for the expensive things I really want.

I always tell my kids, it's not that we make any more or any less money than most of their friends parents. It's all about how we choose to spend our money. While their friends are wearing brand name clothes and playing with American Girl dolls, most of them have never been on family vacation, let alone Walt Disney World a half-dozen times.

This! I am so glad there are others who feel the same way we do.

 

[englishteacha]

I think a bit of both. I grew up with frugal parents. They were cautious about spending and were able to save to do some fun things, like travel (though we always traveled very frugally as well.). I think many people who have money are thrifty to help make their dollar stretch farther as well. We're pretty frugal most of the time, though I admit we dine out pretty regularly-neither of us like to cook! But I love to get the best bang for my buck. I'll wait for a sale unless something's really necessary, and most of our clothes come from a few nice thrift stores in our area. My DH is starting a new job on Monday, and I got him several pairs of nice pants and a nice shirt secondhand for under $4 each. Can't beat those prices even at Walmart!

 

[honeydiane1953]

IMO the thrifty/stingy friends are not rich but are very comfortable and pinch pennies. This infuriates me to no end. I of course am broke and love to spend money.

For one thing she is my best friend and we could be having great times. No one is promised tomorrow and you can't take it with you.

 

[honeydiane1953]

For one thing she is my best friend and we could be having great times. No one is promised tomorrow and you can't take it with you.

Sorry for back to back posts. IF I ever needed financial help from the frugal ones I would be &&&& out of luck. You can believe that. We love each other and they would be very supportive emotionally, money wise NO NO NO!!!

 

[DawnM]

I can think of a LOT of reasons to save though.....because MOST of us do have a tomorrow.

For one thing she is my best friend and we could be having great times. No one is promised tomorrow and you can't take it with you.

 

[Buzzsgramma]

With out a doubt everyone should read Mr. Stanley's book "the Millionaire Next Door" !

 

[honeydiane1953]

I can think of a LOT of reasons to save though.....because MOST of us do have a tomorrow.

OK what IF you didn't? Have you ever heard the song Live like you're dying. Now I don't mean spend hundreds daily. From my perspective the thrifty ones are socking it away. Maybe for them squeezing pennies till they holler is a hobby. lol

 

[Pesky]

I've known both. Just depends on the person involved.

 

[2disneyboys]

sometimes it comes from how you were raised, sometimes it comes from necessitiy and sometimes it's just what you know.

A friend of mine is the wife of a youth pastor. They make less than $35,000 a year and she is in school. $ is tight. She reuses ziploc bags. Because she needs to? Not really. $'s not THAT tight, but she grew up in a very rual 3rd world country and there, they think about everything before they add to the "trash" so when I first saw her washing out and reuseing ziploc bags, I was kinda sad for her but later in talking, I realised that's a not a $ thing to her at all, more a no need to add another ziploc bag to the landfill thing and I admire that.

I think there are extremes in everything. my boss's mother was frugal to the extreme. annoying so. When she died, she left over 25 million to her children. my father is a very clear picture of poverty. never has money to buy his kids (my younger siblings are 11 and 13) yet, he always has the $ for his cigs and beer.

 

[Granny square]

OK what IF you didn't? Have you ever heard the song Live like you're dying. Now I don't mean spend hundreds daily. From my perspective the thrifty ones are socking it away. Maybe for them squeezing pennies till they holler is a hobby. lol

You can "live like you're dying" without spending a penny. If you are a smart cookie. Because last I looked, money doesn't buy happy.

 

[LuLuO]

Most of the people I know who are thrifty are well off in terms of being able to do the things they want to do, having the ability to buy things they want now and then, being covered in emergencies, and not worrying about monthly bills.

One couple I know has always been able to travel because they are frugal. Travel is something that has always been important to them. They've visited every National Park, other places in the U.S. and several places in Canada. Now that they are retired, they're venturing overseas. They have lived frugally but have always been comfortable and well prepared.

 

[DawnM]

I do not wish to leave my children with debt or become a liability. I still would spend within my means.

Dawn

OK what IF you didn't? Have you ever heard the song Live like you're dying. Now I don't mean spend hundreds daily. From my perspective the thrifty ones are socking it away. Maybe for them squeezing pennies till they holler is a hobby. lol

 

[BadgerGirl84]

Wow, there are so many interesting responses to this thread.

I was laughing when I saw the poster scrimping and saving over the pasta but then booking ADRs at Disney where the food is so expensive. That is totally me! I like to pinch pennies so that I can "splurge" when I go to Disney (even though when I do go I always try to do it as "budget" as possible--stay off-site, buy tickets in advance, etc.)

To the couple of posters who were critical of me buying some pants at Kohls instead of investing a lot of money in high-end clothes that will last a long time....

That is so not me. I'm not into designer clothing...the fanciest I get is getting some clothes at the Banana Republic outlet when they have sales. I'm always trying to lose weight, so it's hard to for me to commit to an expensive purchase in a particular size. Also, I've never had a big problem with my Kohls/Target/Gap/Goodwill clothes wearing out. The pants I had to replace I had probably worn 100+ times over the past 4 years and they were some off-brand I had bought used at a consignment shop. I rarely ever have to throw my moderately priced clothes away due to rips/tears/holes caused by low quality construction.

 

[disykat]

On the whole "live like your dying thing," I've said this on here before, but when I was having health issues, for us that meant tighten the belt so that losing my income and whatever medical costs I had didnt' hurt the family. We never once thought "we should spend while we can enjoy it." We were too busy trying to secure the kid's college funds so that my issues didn't affect their plans.

 

[honeydiane1953]

You can "live like you're dying" without spending a penny. If you are a smart cookie. Because last I looked, money doesn't buy happy.

Money doesn't buy happiness but it sure makes misery a lot easier to deal with.

 

[disykat]

To the couple of posters who were critical of me buying some pants at Kohls instead of investing a lot of money in high-end clothes that will last a long time....

That is so not me. I'm not into designer clothing...the fanciest I get is getting some clothes at the Banana Republic outlet when they have sales. I'm always trying to lose weight, so it's hard to for me to commit to an expensive purchase in a particular size. Also, I've never had a big problem with my Kohls/Target/Gap/Goodwill clothes wearing out. The pants I had to replace I had probably worn 100+ times over the past 4 years and they were some off-brand I had bought used at a consignment shop. I rarely ever have to throw my moderately priced clothes away due to rips/tears/holes caused by low quality construction.

I feel the same way.

 

[jgreco]

I'm weird. You'll see-

We sold our business earlier this year and are able to retire in our late 30's. I grew up poor and old habits die hard.

I buy designer jeans (because they will last and fit properly) from consignment at half price because they are "broken-in" and already hemmed

When I do buy something new, I buy only quality even if it costs twice as much.

I don't clip coupons for groceries, but I will for just about anything else, restaurants, Ebates, etc. I get a "high" when I save money and will spend days looking online for the best deal.

I will spend an exorbitant amount on vacations, concerts, and entertainment.

I will rinse out my ziploc bags and reuse them if they are not gross and reuse butter & yogurt containers. Though this is more for environmental reasons.

Both of my school age kids attend private school

I drive a Prius.

I won't let hubby upgrade my diamond

We go out to eat. A LOT. I rarely cook.

Hubby cuts and colors my DD's hair, cuts his own hair and both of our sons. I get highlights which is too advanced for him. But I go about 3 months between and use the hair color spray to stretch it out.

I have ALL of the premium channels +HULU and all you can drink smartphone plans

I wash my own car, clean my own house.

We are downsizing our home, when we could easily afford something larger and nicer that what we live in now.

My kids are not spoiled. They have to work for what they want. Though I'll occasionally buy DS a Lego set for a peaceful night of TV with the hubs LOL

I pay for access to a private doctor, because I hate waiting 3 days to get an appointment and then an hour to see a doctor once I get there.

I guess you can see "things" are not important to me, but my family, time and making memories are what matter most to me. Depending on who you ask that knows me, you'll get two different answers- they'll either tell you I'm frugal/cheap or loaded (based on vacations, eating out, etc).

 

[SDFgirl]

When I was in college I babysat a lot. The wealthy families were horrible tippers and the middle-class families usually gave me a nice tip. I wonder if the same is true in restaurants?

 

[luvthemouse71]

Have you ever read Ruby Payne's "Hidden Rules of Classes"? It explains how different social classes make decisions. When it comes to money, poverty class spends money, middle class manages money, and the wealthy invest. While controversial, I've lived in both middle class and poverty, and I see that play out. The poor are more likely to help their friends out financially than middle class.

NPR recently had an article explaining that poor and middle class spend about the same on rent and transportation costs over the year, so the working poor's earnings don't go nearly as far. When they do have disposable income, they tend to spend it quickly. In my opinion, it's just a difference in culture, not a frugal vs irresponsible concept. Just food for thought

I think according to that chart, I'd rather be in the poverty level. I'm middle class but I'm not as frugal as some. I do have a retirement fund but I plan on leaving nothing to anyone when I die. Started a few bank accounts for the kids in my life but as far as an inheritance? Nope. My goal is to have enough to cover my last expenses/ and a funeral and then die broke. I'd rather be happy and have fun in my elder years than have people just waiting for me to croak so they get something.